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6 Comments on Mortgage Reform Anti-Predatory Lending - more federal legislation coming
WE NEED MORE PREDITORY LENDING LAWS
Sindee,
I take it that the all caps comment means that you are shouting at me to emphasize your point.
Thanks for commenting, but read the bill.
Richard
Richard, I hope that readers of your post understand that all of these FAKE pieces of legislation are doing more harm than good. You've put a great comment into your post and I wish you would boldface it so it stands out. I don't think that our legislative branch has done their due diligence on any of the recent reactionary legislation. You make a great recommendation when you say:
Industry professional and consumer groups need to review and consider the provisions to make sure that this bill accomplishes it intentions without bringing on unintended negative results of reduced competition, limited consumer choice, and increased consumer cost.
It is almost as if the large banks are buying votes in congress to eliminate competition. They were messing things up just as much as everyone else. I was a banker but I would trust a broker over an employee from a federally chartered bank any day of the week!
The knee jerk reactions rarely solve complex issues such as this. More predatory lending laws is simply addressing a sympton of an ailment in my opinion. The lack of oversight in the creation of these products by bond dealers, investment banks and the like were the real reasons. Most of that should have never been available to lend in the first place. And GA's bill a few years ago crushed the very people it was designed to help didn't it?
Mark,
Thank for your read of the post and the impact of the new law. Actually, a good bit in the bill seems to me to have already been covered in the housing law. And the Fed Reserve has already address other issues with its new regulations.
HUD and the Fed Reserve have reviewed the YSP, and decided to continue it.
There is nothing that I see in the bill that is not already being addressed.
Richard
Rick,
The GA bill shut down lending, even FHA. It was quickly corrected. It will be interesting to see the impact in NC. That state has a tough predatory lending law already.
You know, eliminating YSP does not eliminate the income. It only changes who gets the income. Now it will just stay with the large banks. And mortgage brokers will probably close up.
That ought to accomplish the apparent goal of the state government to increase mortgage interest rates by reducing competition.
Richard